Inanical Accounting Concepts Phase 2 DB

Prepare an income statement using good form and the following information:

Revenue for May 2005 150,000.00

Expenditures for May 2005
Advertising 1500.00
Depreciation 1200.00
Furniture 1500.00
Property Tax 10,000.00
Utilities 1,200.00
Wages 78,000.00

Remember the formula for an income statement is Income  Expenses Net Income. There may be some unused information included in the list.

Be sure to use APA style writing. Spell check and proofread your postings before posting.

In your own words, please post a response to the Discussion Board and comment on other postings. You will be graded on the quality of your postings.

Analyze the effect of business transactions on the basic accounting equation.
Prepare an Income Statement, Owner s Equity Statement and Balance Sheet.
Explain the steps in the accounting cycle.